Inderes: Investors’ enthusiasm for Springvest is premature – The price increase will price Donut Lab into billions

Organizing financing rounds for growth companies Springvestin the startup company’s course has fluctuated in recent weeks Donut Lab about its allegedly revolutionary battery technology.

Analysis company Inderes points out in his morning reviewthat investors’ enthusiasm is premature.

Inderes analyst Kasper Melas writes in his review that, calculated through the change in Springvest’s market value, Donut Lab’s price tag would already be over five billion euros. Springvest reportedly only owns less than a percent of Donut Lab, but the share price has risen sharply since the company’s battery invention became public.

“However, the information about the company that has leaked to the public so far is vague, which increases the uncertainty related to the ownership’s potential,” notes Inderes.

So far, it is not completely clear what share of Springvest Donut Lab owns. According to its latest report, at the end of June 2025, Springvest owned 0.6 percent of the electric motorcycle company From Verge Motorcycles.

Kauppalehti reported this week that after Springvest’s report last September, Verge Motorcycles split into three parts, of which the Verge business cluster focuses on the manufacture of electric motorcycles, the Donut cluster on battery technology and the Esox cluster on defense technology such as drones.

Springvest gets small shares in the companies when organizing financing rounds for them. The Verge ownership came about after Springvest organized the company’s financing round in 2023.

Mellas of Inderes says that he does not have exact information about the size of Springvest’s current holding in Donut Lab. In a demerger, owners typically receive shares in the ratio of their old ownership, but the share of ownership may have changed, for example, due to share issues organized by Donut Lab, option programs or the conversion of convertible bonds.

Springvest’s share rose 15 percent on January 7, when information about Donut Lab’s battery invention became public. The next day, the rise accelerated and the rate jump has continued this week as well. Since the beginning of the year, Springvest’s share price has strengthened by more than 50 percent.

Mellas of Inderes commented in his review that even the success that the investors priced into Springvest’s stock, i.e. a profitable exit from Donut Lab, is one possible outcome. Until now, the information received about Donut Lab and Springvest’s ownership is so unclear that it is premature, according to Inderes, to price the success of the stock.

However, according to Inderes, the profit potential of Donut Lab ownership is higher than before, which is why Inderes raises the target price of Springvest shares to 9.5 euros per share from the previous 8.00 euros. However, the recommendation drops to the level of “sell”, because the exaggerated reaction of investors has already raised the share price to more than 12.00 euros.